50 Cent Broke : Rapper files for bankruptcy (1 Viewer)

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http://blogs.wsj.com/bankruptcy/2015/07/13/rapper-50-cent-files-for-bankruptcy/

Rapper 50 Cent Files for Bankruptcy

Curtis James Jackson III, the rapper better known as 50 Cent, filed for chapter 11 bankruptcy protection Monday.

In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million.

The attorney listed on the bankruptcy petition couldn’t immediately be reached for comment Monday.

The filing comes days after a jury directed Mr. Jackson to pay $5 million to a woman who sued over a sex tape, the Associated Press reported.

 

[RedmondLonghorn]

I thought he took down like $400 mm from the Glaceau/Vitamin Water sale.

Either that was wrong, this BK filing is just a ploy, or he has been spending money really, really fast.

I guess some combination of the above is possible.

 

[bostonfred]

Half a billion for vitamin water.

 

[nirad3]

[Placeholder for bad joke about him now needing to change his name]

 

[Dentist]

Half a billion for vitamin water.

I remember that also...

This has got to be one of those "fake" bankruptcies... like he's going bankrupt but his shell companies have tens of millions

 

[johnnycakes]

Does he have to change his name now?

 

[urbanhack]

Half a billion for vitamin water.

I remember that also...

This has got to be one of those "fake" bankruptcies... like he's going bankrupt but his shell companies have tens of millions

everyone's doing it

 

[Green and Gold]

Does he have to change his name now?

No, just has to add the prefix 'can I borrow'

 

[Mr. Cross]

This will probably be blame on Christians.

 

[nirad3]

This will probably be blame on Christians.

Your right.

 

[EYLive]

Poor guy doesn't have 2 quarters to rub together.

 

[eoMMan]

Half a billion for vitamin water.

I remember that also...

This has got to be one of those "fake" bankruptcies... like he's going bankrupt but his shell companies have tens of millions

Yeah, that's what I heard. I think it's related to his boxing promotion business.

And it was only like $100 million after taxes for his vitaminwater profit. Come on...really not a ton of money.

 

[tom22406]

When I made fifty mill, Em got paid
When I made sixty mill, Dre got paid
When I made eighty mill, Jimmy got paid
I ain't even gotta rap now life is made
Said I ain't even gotta rap, I'm filthy mayne

I'm laughin' straight to the bank with this
(Ha ha ha ha, ha, ha ha ha ha ha)
I'm laughin' straight to the bank with this
(Ha, ha ha ha ha ha, ha, ha ha ha ha ha)
I'm laughin' straight to the bank with this
(Ha, ha ha ha ha ha, ha, ha ha ha ha ha)
I'm laughin' straight to the bank with this
(Ha, ha ha ha ha ha, ha, ha ha ha ha ha)
I'm laughin'

I see nothin' but hundred dollar bills in the bank roll
I got the kind of money that the bank can't hold
Got it off the street movin' bundles and loads
Seventy Three Caprice, old school when I roll
Breeze pass with the E Pass #### the toll

 

[Ditkaless Wonders]

Changing his name to Two Bits. His descent will take him through Plugged Nickel, and right on down to Bad Penny.

 

[NewlyRetired]

This was the 50 Cent Vitamin Water deal.

He was paid 5 million in cash

He received a 5% equity stake in the company

In May of 2007, Coke purchased the company for $4.1 billion in cash.

50 Cent received ~$200m, before taxes from the sale.

After taxes, fees and other people getting a small cut, he ended up with around a $100m, not including the initial $5m cash he was paid. .

 

[Good Posting Judge]

He should have grabbed the gold coin that popped out of James Kirkland's head when Canelo duffed him.

 

[johnnycakes]

Changing his name to Two Bits. His descent will take him through Plugged Nickel, and right on down to Bad Penny.

Just go straight to penniless.

 

[saintfool]

where is Roarin when you need him?

 

[Good Posting Judge]

His rap career is deader than a doornail. It's in a grave that's within a deeper grave.

 

[MattFancy]

13 times the now-bankrupt 50 Cent bragged about being filthy rich

 

[johnnycakes]

Maybe he can become a black country thing.





My bills are all due and the babies need shoes but I'm busted
Cotton is down to a quarter a pound and I'm busted
I've got a cow that went dry and a hen that won't lay
A big stack of bills that get bigger each day
The County will haul my belongings away I'm busted!

I went to my brother to ask for a loan I was busted
I hate to beg like a dog for a bone but I'm busted
My brother said there ain't a thing I can do
My wife and my kids are all down with the flu
And I was just thinking of calling on you I'm busted!

 

[Quez]

Someone posted in the comments on one of the sports blogs,

Floyd Mayweather is gonna laugh when someone reads this to him.

 

[D in the D]

Is this the point where he now "Dies Tryin'" ??

 

[Good Posting Judge]

Someone posted in the comments on one of the sports blogs,

Floyd Mayweather is gonna laugh when someone reads this to him.

Think it was Deadspin. That is a near-perfect joke.

 

[CletiusMaximus]

Broke people file Chapter 7, rich people file Chapter 11. Not to say he's doing well, but there are plenty of non-broke scenarios in which a Chap 11 is used by the mega-rich.

 

[Dentist]

Broke people file Chapter 7, rich people file Chapter 11. Not to say he's doing well, but there are plenty of non-broke scenarios in which a Chap 11 is used by the mega-rich.

That's what I thought.

The headline is "50 cent files bankruptcy" but the extra boring legal jargon no one reads is that it's some company he has or something like that and meanwhile he's still vacationing in Barbados on a 100 ft boat or something.

Now Iverson's bankruptcy... or Antoine Walker's... those might be real style.

 

[Good Posting Judge]

Trump filed Chap 11 a bunch of times, right?

I didn't realize his ultimate take from Vitamin Water was so "small." Man.

 

[Mr. Cross]

Proof there is a God. You cannot trust Satan.

 

[mquinnjr]

Someone posted in the comments on one of the sports blogs,

Floyd Mayweather is gonna laugh when someone reads this to him.

Think it was Deadspin. That is a near-perfect joke.

 

[Yankee23Fan]

Did he have a Phenom League?

Too soon?

 

[cstu]

He needs to go back to his roots and learn how to rob.

 

[MaxThreshold]

Oh, great. Now were going to see a deluge of D-grade and straight-to-DVD flicks from him. He's like the new Steven Seagall with the crap he churns out.

 

[dhockster]

Does he have to change his name now?

No, just has to add the prefix 'can I borrow'

or the suffix "on the dollar"

 

[saintfool]

Oh, great. Now were going to see a deluge of D-grade and straight-to-DVD flicks from him. He's like the new Steven Seagall with the crap he churns out.

that's DMX.

 

[Leroy Hoard]

[Placeholder for bad joke about him now needing to change his name]

 

[The Moz]

His New show Power is actually pretty decent.

 

[TakiToki]

FWIW, I work at a company dealing heavily with BK data, and one of the attorneys read the petition (along with the motion already filed by the $5mm chick bolded in the OP), and he thinks there's a good chance that this has nothing to do with a lack of cash in general but solely an attempt to avoid, or at least reduce, that $5mm debt out of spite.

 

[Otis]

This can't be right. Even I'm not irresponsible enough to blow half a Bil.

 

[General Tso]

This will probably be blame on Christians.

I blame the Farmington mansion. Damn thing is cursed. This is the third straight person who went into it on top of the world and left it in disgrace (Ben Sisti, Mike Tyson, and 50 Cent).

 

[joffer]

This will probably be blame on Christians.

I blame the Farmington mansion. Damn thing is cursed. This is the third straight person who went into it on top of the world and left it in disgrace (Ben Sisti, Mike Tyson, and 50 Cent).

no. its all on the Christians

 

[cstu]

The bottom line is I'm a crook with a deal
If my record don't sell I'mma rob and steal

The only excuse for being broke is being in jail
An entertainer can't make bail, he broke as hell

 

[Capella]

His rap career is deader than a doornail. It's in a grave that's within a deeper grave.

Yea but he was always terrible. No chance for sustained success, he's just awful.

 

[MikeIke]

This can't be right. Even I'm not irresponsible enough to blow half a Bil.

I could do it easily.

 

[fantasycurse42]

Someone posted in the comments on one of the sports blogs,

Floyd Mayweather is gonna laugh when someone reads this to him.

Think it was Deadspin. That is a near-perfect joke.

OMG, perfect

 

[cstu]

His rap career is deader than a doornail. It's in a grave that's within a deeper grave.

Yea but he was always terrible. No chance for sustained success, he's just awful.

Loves Jameis Winston, hates 50 Cent. Figures.

 

[Doctor Detroit]

His rap career is deader than a doornail. It's in a grave that's within a deeper grave.

Yeah and unlike some other formats, rap doesn't have a great shelf life in the royalty game.

 

[johnnycakes]

His rap career is deader than a doornail. It's in a grave that's within a deeper grave.

Yeah and unlike some other formats, rap doesn't have a great shelf life in the royalty game.

But don't rap themes transcend generations like Dylan's lyrics?

 

[Capella]

Cstu is a weird dude. Wtf does Jameis Winston have to do with 50 cent's crap music career?

 

[eoMMan]

Come on....Get Rich or Die Tryin was a fantastic album.

One of the best rap albums in the past 15 years, imo.

 

[Quez]

Yeah, great album. More so because of Dre & Eminem than 50cent.